Comments on: House Votes Down Bailout Bill, Markets Plunge

By: kritt11

kritt11 — Tue, 30 Sep 2008 00:40:16 +0000

Rambie- I did the same- even though my husband kept looking at ARM's with ridiculously low teaser rates! Yes everyone should have a lot more sense than they have but they don't. I think the blame is about 50/50. Just to protect our collective finances, however, I think these kinds of loans should be strictly regulated and credit should be tighter for people with a low FICO score.

I still don't understand why the mortage insurance that those who put down less than 20% are required to buy did not cover the missed payments for the financial institutions that issued the loans???

By: Rambie

Rambie — Mon, 29 Sep 2008 21:51:41 +0000

I'm sorry, but the consumers should have known not to get a loan they couldn't afford nor understand. I can't believe how many claim stupid now on how the ARM, balloon, interest only, or worse loan they purchased work, I'm sure some of the loan officers didn't go out of their way to explain how the loan would work but if I was going to sign my name to a contract I'd want to now what I was in for.

That's why I insisted on a 30year fixed when everyone was hopping onto the wagon, look who's loosing their home now? Nor me!

Also the corporations that were handing out these loans like candy had to known they were playing with fire. The claim that they "were only doing what consumers demanded" is just as much BS as this bailout plan is. These corporations didn't want oversight, they wanted a "free market" so no bailout for them as it's just the "Free market" working.

I had a friend who worked a Waco as a loan officer, she left over a year ago because management was more interested in closing a certain number of loans than making sure they were closing GOOD loans. All about quantity not quality.

Too bad the top execs aren't really feeling the downturn in the market.

By: Rambie

Rambie — Mon, 29 Sep 2008 21:47:22 +0000

But Barney Frank, the top Democrat on the House Financial Services Comnmittee, demanded: “Because somebody hurt their feelings, they decided to punish the country?” http://edition.cnn.com/2008/BUSINESS/09/29/us.c...

I'm not sure the passage of this bill wouldn't be “punishment” to the country but either way I thought what he said was funny.

That's why I insisted on a 30year fixed when everyone was hopping onto the wagon, look who's loosing their home now? Nor me!

Also the corporations that were handing out these loans like candy had to known they were playing with fire. The claim that they “were only doing what consumers demanded” is just as much BS as this bailout plan is. These corporations didn't want oversight, they wanted a “free market” so no bailout for them as it's just the “Free market” working.

I had a friend who worked a Waco as a loan officer, she left over a year ago because management was more interested in closing a certain number of loans than making sure they were closing GOOD loans. All about quantity not quality.

Too bad the top execs aren't really feeling the downturn in the market.

By: daveinboca

daveinboca — Mon, 29 Sep 2008 21:36:24 +0000

Like a broken clock, Kucinich is occasionally right. When Pelosi got up before the vote and almost literally pissed in the soup by calling out Bush [instead of parceling blame to FanFred Dem ATM recipients as well], she doomed the bill.

I don't think it was a Machiavellian move on her part. I think she's effing stupid. A dozen Repubs said that that single statement changed their vote and almost 100 Dems voted nay as well.

Nice job, Nancy. You sure have the confidence of your own party. And are clueless in making such a provocative spew just before the roll call.

By: ChrisWWW

ChrisWWW — Mon, 29 Sep 2008 20:40:35 +0000

Kucinich!

I love that elf-man. No one can accuse him of being in the pocket of special interests.

By: » House Votes Down Bailout Bill, Markets Plunge

» House Votes Down Bailout Bill, Markets Plunge — Mon, 29 Sep 2008 20:16:17 +0000

[...] Lifehacker, tips and downloads for getting things done wrote an interesting post today onHere’s a quick excerptHouse Votes Down Bailout Bill, Markets Plunge September 29th, 2008 By MICHAEL STICKINGS, Assistant Editor The House of Representatives a short while ago voted 228 to 205 against the bailout compromise worked out over the weekend. (It needed 218 votes to pass.). As CNN is reporting, “[a]bout 60% of Democrats voted for the measure, but less than a third of Republicans backed it.” Quick notes: – Kucinich was right. – Bush is apparently “very disappointed” with the result. Presumably much o [...]